PARIS — Step aside, Gucci loafers, PPR executives are trying on Puma sneakers for size.
The French retail and luxury giant said Tuesday that it now owns a controlling stake of 62.1 percent of the German activewear giant. The deal, valuing Puma at 5.3 billion euros, or $7.3 billion at current exchange, is one of the biggest takeover plays of the year and has PPR straddling the highbrow world of luxury and the trend-oriented sports and lifestyle market.
"We are very pleased with the fi nal result of our offer to the Puma shareholders, who have sent a strong signal of support for the transaction," said Francois-Henri Pinault, chairman and chief executive offi cer of PPR and chairman of the supervisory board of Puma. "We are at the starting point of a fruitful collaboration and will now focus on implementing our long-term strategic vision."
PPR, which bought 27.1 percent of Puma from a German private equity fi rm in April, offered 330 euros, or $455, a share. Puma investors stalled selling their shares as they considered the bid too low and hoped for a better deal. Nevertheless, PPR stood by its original offer and did not sweeten the deal, prompting investors to sell their shares in a public offer that closed June 20. The offer was extended from June 28 until July 11 to investors who had not tendered their shares.
"We are pleased that the Puma shareholders have, with their vote, supported the junction of Puma with the PPR group and set the basis for a successful cooperation," Jochen Zeitz, chairman and chief executive offi cer of Puma, said in a statement.
The deal seals Puma's position as the world's third-largest sporting goods manufacturer after industry leader Nike and German rival Adidas.
"With the support of PPR we will use the large potential of our brand and the emerging possibilities on a long-term basis, and will invest in brandbuilding, enabling us to further strengthen our position as the leading company in the sport-lifestyle market," Zeitz added.
Just this month, the fi rm added bodywear to its fashion offering and showed off its Rudolf Dassler by Puma heritage and limited edition lines on the Berlin runways.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)